That's for sure! This brings up the same questions we had last week. Here are some cuts form that article that drsvelte posted:
Message 13686338
<<(ADIC) soared as much as 17.2% in a session when most tech stocks were in the red, a move that the company and analysts were hard-pressed to explain.
The volatile stock, which is a favorite among momentum traders, was recently up 2 7/16 to 17 3/8 on volume of 1.8 million shares. It earlier rose to 17 1/2, from Tuesday's close of 14 15/16. Analysts said there was no news from or about the company that justified the rise.
Analysts' puzzlement was echoed by Chief Executive Peter van Oppen. He said that "there's no explanation for the strength of the move" and suggested the stock might be recovering some "precipitous losses" it had incurred in recent sessions. Van Oppen made similar remarks Tuesday in an interview and to investors at Chase H&Q's technology conference Tuesday.
"No news is good news in this case, where the stock has dropped so dramatically," said Bill Lewis, an analyst at Chase H&Q with a buy rating on Advanced Digital. The fact the company didn't preannounce, he said, eases fears that "they would miss the quarter or something was falling apart in a major way."
Advanced Digital, which makes automated tape libraries for computer networks, has been on a wild ride. Its stock soared 900% in the 12 months leading up to its March 1 split-adjusted high of 50 1/2. It has fallen 70% since, shedding nearly $2 billion in market capitalization.>>
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The wild unexplained ride continues.
Maybe it's no longer the 'favorite of Momentum players'.
OH well, let the ride carry on, I am in for the long haul anyway,
Puna |
